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September 24, 2020
Panama enacts law creating “EMMA” special regime for manufacturing services
Through publication in Official Gazette No. 29103-A on 1 September 2020, Panama enacted Law 159 of 2020 to establish the Special Regime for the Establishment and Operation of Multinational Enterprises that Render Manufacturing Services (EMMA for its Spanish acronym). The law is effective on 1 December 2020. The EMMA regime seeks to promote foreign investment, create new job opportunities for both locals and foreigners and contribute to the transfer of technological knowledge in Panama.
For more information on the EMMA regime, see EY Global Tax Alert, Panama’s National Assembly approves bill creating “EMMA” special regime for manufacturing services, dated 18 August 2020.
For additional information with respect to this Alert, please contact the following:
Ernst & Young Limited Corp., Panama City
Ernst & Young LLP (United States), Latin American Business Center, New York
Ernst & Young Abogados, Latin American Business Center, Madrid
Ernst & Young LLP (United Kingdom), Latin American Business Center, London
Ernst & Young Tax Co., Latin American Business Center, Tokyo